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PASADENA, CA-Northwest Pasadena Development Corp. has secured $10 million in debt and equity from Related Capital Co. and Charter Municipal Mortgage Acceptance Co. for the rehabilitation of Community Arms, a 133-unit affordable housing complex.Related provided $3.6 million in equity for tax credits generated by the redevelopment, while CharterMac, a publicly traded company managed by Related Capital, provided $6.2 million of financing through revenue bond investments.

Community Arms is in the northwest part of Pasadena at 151 E. Orange Grove Blvd. It was originally constructed more than 25 years ago and consists of 18 two- and three-story buildings that will be “substantially rehabilitated,” according to Related. Following renovations, units will include one-, two- and three-bedroom apartments and will range in size from 642 sf to 977 sf, with projected rents expected to start at $482 per month. All of the units will be set aside for families earning 60% or less of the area median income.

The apartments will feature refrigerators, gas ovens, disposals, central air conditioning, mini blinds, dishwashers and 25 enclosed patios. Complex amenities will include a 5,000-sf learning center with kitchen, four playgrounds, a basketball court, cover carports, limited-access gates, video surveillance, perimeter fencing and security.

Related Capital and its affiliates manage more than $5 billion in equity for institutional and retail real estate investors, representing a portfolio valued at more than $15 billion. The company is the second-largest owner of multifamily properties in the country, with ownership interests in over 260,000 units. The firm is headquartered in New York City and has 23 offices nationwide. Charter Mac is a leading apartment finance company, providing capital for developers and owners. Its portfolio includes direct and indirect interests in revenue bonds secured by over 28,500 units of apartment complexes in 23 states and the District of Columbia.

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